Question 1) We put $500 into a bank account that has a stated interest rate of 6.2%. Our account pays simple interest and we will not deposit or withdraw any money; how much money would our group have in our bank account after five years?
655, 620, 625, 630 or 635?
Question 2) If our bank account earn as compound interest how much would we have in five years?
675.45, 644.24, 650.39, 638.14 or 681.83?
Question 3) If interest is compunded quarterly (4 times a yr) assuming a 6.2% nominal interest rate, compounded quarterly, how much would we have in our bank account after five years?
633.83, 680.09, 646.31, 641.02 or 685.12?